Ethereum corrected lower but the bulls were active near the $1,465 zone. The price is now trading above $1,500 and the 100 hourly simple moving average.
Ethereum remained well bid above the $1,465 level against the US Dollar. ETH could start a fresh surge if there is a close above the $1,600 resistance.
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There is a crucial bullish trend line forming with support near $1,520 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh surge if there is a clear move above the $1,600 zone.
Ethereum started a downside correction below the $1,550 level. ETH even traded below the $1,500 support level but the bulls were active near a major support.
It tested the $1,465 zone and the 100 hourly simple moving average. There is also a crucial bullish trend line forming with support near $1,520 on the hourly chart of ETH/USD. The pair stayed above the key $1,465 support zone and started another increase.
Ether price climbed above the $1,550 resistance zone. There was a move above the 50% Fib retracement level of the downside correction from the $1,622 swing high to $1,464 low.The price is now trading above $1,500 and the 100 hourly simple moving average.
An immediate resistance on the upside is near the $1,585 level. It is near the 76.4% Fib retracement level of the downside correction from the $1,622 swing high to $1,464 low.The first major resistance is near the $1,600 zone.
The main breakout zone is now forming near the $1,620 zone. A clear move above the $1,620 level could start another major increase. The next key barrier is near the $1,700 level, above which the price might rise towards the $1,800 resistance zone.
If ethereum fails to rise above the $1,585 resistance, it could continue to move down. An initial support on the downside is near the $1,520 zone and the trend line.
A clear move below the trend line support might push the price towards the $1,465 support zone. Any more losses might even push ether price to the $1,375 support. - newsbtc
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